Lebanon, which was already experiencing its worst economic downturn in decades amid nationwide anti-government protests and dwindling dollar reserves, will see its economy contract by 12%. Oil-producing countries are also under significant strain, with annual revenue expected to decline by more than $230 billion this year. “A plunge in global oil prices is compounding strains on these economies, increasing challenges to combating the virus and preventing lasting economic damage,” the report read. Tehran has asked the IMF for a $5 billion emergency loan to help prop up its economy — its first such request in nearly 60 years. Egypt is the only Middle East economy without a contraction projected for 2020.

Source: The North Africa Journal April 15, 2020 21:22 UTC